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This is a time when big banks will want to get richer and richer. Don't let it be at your expense......
"a massive "second wave" of mortgages is scheduled to reset over the next two to three years. If credit is tight and the U.S. economy is struggling, then another huge wave of mortgage defaults could potentially destroy hundreds of small to mid-size banks across the United States. The big banks would be in prime position to come in and buy many of them up for a song.""
I started that over a year ago. Paid off debt and began a plan for personal stability. When I started doing these things people laughed....but guess who is having the last laugh.
Irresponsibility isn't merely behavior, its a sickness, a disease that causes permanent genetic disorder.
So you can stuff you money in your mattress but trust me it'll rot there and you'll get a terrible pain in your back for no good reason.
No bank wants your house or anybody else's. They do want you to pay your mortgage, spend some money, go on with your life. Basically everything that folks have gotten back to doing since the doom monkers predictions of needing to have vegetable gardens to survive have been laughed out of memory by over a year of pretty uneventful economic news...
i think there is good reason that people are losing confidence in the banking system. facts speak for themselves:
Remember that the Deposit Insurance Fund went negative last quarter. Now it has lost another $20.9 billion.
What does the FDIC say?
The agency hopes to make up that loss through advance payments by banks of $45 billion in fees.
but we also have this:
Looking at the most recent Quarterly Banking Profile from the FDIC, we see an ugly picture:
Net Charge-Off Rate Rises to Highest Level Since 1991
Loan losses registered a sizable jump in the second quarter, as loss rates on real estate loans increased sharply at many large lenders. Net charge-offs of loans and leases totaled $26.4 billion in the second quarter, almost triple the $8.9 billion that was charged off in the second quarter of 2007.
The bottom line is that the “coverage ratio” is worsening for the FDIC flock, and the coverage ratio for the FDIC is not looking too healthy either. At the end of the second quarter, the FDIC reserve fund was down to a mere $45.2 billion after just 9 bank failures this year. While it does not publish a coverage ratio in respect of itself, IndyMac alone will require an estimated $8.9 billion of FDIC reserves to resolve, almost twenty percent of remaining reserves. The FDIC intends to raise reserves through a premium increase in October, but a lot can happen in two months in these febrile times.
So the FDIC may well become yet another troubled monoline insurer. Indeed, Sheila Bair, serial forbearance artiste chairman of the FDIC (formerly a Treasury official and Republican congressional aide), conceded as much when she raised the possibility this week that the FDIC might be joining the queue for a Treasury hand out to see it through short term liquidity problems.
"I would not rule out the possibility that at some point we may need to tap into [short-term] lines of credit with the Treasury for working capital, not to cover our losses," Bair said in an interview. (roubini)
Last edited by floridasandy; 02-23-2010 at 05:18 PM..
Those numbers don't / shouldn't scare anyone. I mean if the "charges were highest since 1991" were there smoot faced urchins selling apples & pencils in front your local bank back in 1991? Not mine.
Let's play a little game of "what are the odds" --
Suppose that through some freakishly rotten turn of events the same sorts of people that "didn't see it coming" when Bush was in the WH have put on new Obama brand blinders and some NEW "giantic snow balling finacial crisis of doom" blows up outs nowhere. Is Gieithner the guy that could pull off what Paulson did? His younger, has more hair and sweats less, plus he could grab a ciggy with the boss instead of Paulson having to endure Bush telling him "dude you need to get some sleep".
Let's also suppose that things DON'T WORK and the banks do "fail" big time. Do you think this time Aunty Nancy and Mean Uncle Harry will feather their rescue bill with a way to get gambler from LA to the Strip quicker and protect the lowely Golden Gate Park tit mouse? Somehow I doubt that if the doo-doo really was smacking the air moving device Helicopter Ben wouldn't hesitate to throw money to the crowds from his hovering TARP-ship. $45Billion, peanuts. Obama has shown he won't blink at signing off on TRILLIONS in spending.
Worry not my friends, your PosturePedic needs no greenbacks to keep it plump...
Those numbers don't / shouldn't scare anyone. I mean if the "charges were highest since 1991" were there smoot faced urchins selling apples & pencils in front your local bank back in 1991? Not mine.
Let's play a little game of "what are the odds" --
Suppose that through some freakishly rotten turn of events the same sorts of people that "didn't see it coming" when Bush was in the WH have put on new Obama brand blinders and some NEW "giantic snow balling finacial crisis of doom" blows up outs nowhere. Is Gieithner the guy that could pull off what Paulson did? His younger, has more hair and sweats less, plus he could grab a ciggy with the boss instead of Paulson having to endure Bush telling him "dude you need to get some sleep".
Let's also suppose that things DON'T WORK and the banks do "fail" big time. Do you think this time Aunty Nancy and Mean Uncle Harry will feather their rescue bill with a way to get gambler from LA to the Strip quicker and protect the lowely Golden Gate Park tit mouse? Somehow I doubt that if the doo-doo really was smacking the air moving device Helicopter Ben wouldn't hesitate to throw money to the crowds from his hovering TARP-ship. $45Billion, peanuts. Obama has shown he won't blink at signing off on TRILLIONS in spending.
Worry not my friends, your PosturePedic needs no greenbacks to keep it plump...
I have to wonder if you are are a banking employee. Are you?
I ask 'cause your point of view seems somewhat more schooled about what's good for bankers.
This is a time when big banks will want to get richer and richer. Don't let it be at your expense......
"a massive "second wave" of mortgages is scheduled to reset over the next two to three years. If credit is tight and the U.S. economy is struggling, then another huge wave of mortgage defaults could potentially destroy hundreds of small to mid-size banks across the United States. The big banks would be in prime position to come in and buy many of them up for a song.""
You nailed it. Cash is King, without question. Other than Cash and Gold, every investment/commodity is a risky bet these days. The banks and credit card companies are going on the rampage, and our government is doing nothing to curtail the madness. Your elected public officials are only collecting their cuts of the increasing executive bonuses (which defies all economic logic).
Do what the WWII/Greatest Generation did - make cash a way a life and stop using credit cards. Tell the banks and CC companies to blow their fascist operating system out their @ss.
Cash is worthless paper. Gold is shiny metal for monkeys and racoons. You need FOOD AND BULLETS, didn't you get my super secret emails? FOOD! Dehydrated, canned, vaccuum sealed. MREs and twinkies. And bottle water in those big bladder things the Navy has down in Hati. The make a better matteress than anything stuffed with mioney. Very relaxing. Good for the spine.
I have to wonder if you are are a banking employee. Are you?
I ask 'cause your point of view seems somewhat more schooled about what's good for bankers.
... I'm organizing a paramilitary group to stabilize things after the "big one". I need folks trained in dealing with mass hysteria. Can I sign you up? Your code name can be "trigger"...
So you can stuff you money in your mattress but trust me it'll rot there and you'll get a terrible pain in your back for no good reason.
No bank wants your house or anybody else's. They do want you to pay your mortgage, spend some money, go on with your life. Basically everything that folks have gotten back to doing since the doom monkers predictions of needing to have vegetable gardens to survive have been laughed out of memory by over a year of pretty uneventful economic news...
Quote:
Originally Posted by chet everett
Those numbers don't / shouldn't scare anyone. I mean if the "charges were highest since 1991" were there smoot faced urchins selling apples & pencils in front your local bank back in 1991? Not mine.
Let's play a little game of "what are the odds" --
Suppose that through some freakishly rotten turn of events the same sorts of people that "didn't see it coming" when Bush was in the WH have put on new Obama brand blinders and some NEW "giantic snow balling finacial crisis of doom" blows up outs nowhere. Is Gieithner the guy that could pull off what Paulson did? His younger, has more hair and sweats less, plus he could grab a ciggy with the boss instead of Paulson having to endure Bush telling him "dude you need to get some sleep".
Let's also suppose that things DON'T WORK and the banks do "fail" big time. Do you think this time Aunty Nancy and Mean Uncle Harry will feather their rescue bill with a way to get gambler from LA to the Strip quicker and protect the lowely Golden Gate Park tit mouse? Somehow I doubt that if the doo-doo really was smacking the air moving device Helicopter Ben wouldn't hesitate to throw money to the crowds from his hovering TARP-ship. $45Billion, peanuts. Obama has shown he won't blink at signing off on TRILLIONS in spending.
Worry not my friends, your PosturePedic needs no greenbacks to keep it plump...
Quote:
Originally Posted by chet everett
Cash is worthless paper. Gold is shiny metal for monkeys and racoons. You need FOOD AND BULLETS, didn't you get my super secret emails? FOOD! Dehydrated, canned, vaccuum sealed. MREs and twinkies. And bottle water in those big bladder things the Navy has down in Hati. The make a better matteress than anything stuffed with mioney. Very relaxing. Good for the spine.
Quote:
Originally Posted by chet everett
... I'm organizing a paramilitary group to stabilize things after the "big one". I need folks trained in dealing with mass hysteria. Can I sign you up? Your code name can be "trigger"...
Hmmmm......I take it that you're against any sort of adult discussion wishing instead to either shut the discussion off or swing it you your way of thinking.
I'd like to be wrong but I don't think I am........
Now can we please get some other opinions to balance the topic? You've had your say now let others talk for awhile.......It the fair thing to do.
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No siree! Let's just say...
